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TURKEY: Domestic Investors Increasing Preference for TRY Deposits

TURKEY
  • Citing data from the banking regulator, Dunya report that domestic investors sold TRY 700bn from foreign currency deposit accounts over the past 2 months while deposits into lira accounts rose by TRY 1.1trln, even though lira deposit rates have been below their peak of around 56% (50-52% currently). According to Dunya, the slower path of TRY depreciation has increased the attractiveness of lira deposits.
  • The newspaper also note that factors such as the expected rating increases from credit rating agencies, the countdown for Turkey's exit from the gray list and the decrease in the nation’s risk premium have made Turkey a favorite of investors since the local elections.
  • The CBRT rate decision is the key risk event of the week on Thursday. The central bank is widely expected to keep its one-week repo rate unchanged at 50% having reached the peak of its hiking cycle back in March. Nevertheless, further adjustments to the central bank’s policy toolkit may be forthcoming in order to manage liquidity. Our full preview for the decision will be released later today.
  • Trade balance data for May (Est: -$6.50bn; Prior: -$6.55bn) will cross on Friday and is the only other economic release of note this week.
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